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Sprockets Savings Calculator

Sprockets Savings Calculator

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  • Input Values:

    • Average Hourly Wage: $20
    • Overtime Hours Per Week: 5
    • Number of Employees: 50
  • Overtime Costs Per Year: Overtime Cost Per Year=Average Hourly Wage×1.5×Overtime Hours Per Week×52×Number of Employees\text{Overtime Cost Per Year} = \text{Average Hourly Wage} \times 1.5 \times \text{Overtime Hours Per Week} \times 52 \times \text{Number of Employees}

    Plugging in the values: 20×1.5×5×52×50=$390,00020 \times 1.5 \times 5 \times 52 \times 50 = \$390,000

  • Explanation of Each Component:

    • 20 (Average Hourly Wage): The regular pay rate per hour.
    • 1.5 (Overtime Pay Rate): The increased pay rate for overtime hours.
    • 5 (Overtime Hours Per Week): The number of overtime hours each employee works per week.
    • 52 (Weeks in a Year): The number of weeks in a year.
    • 50 (Number of Employees): The total number of employees working overtime.
  • Calculation Breakdown:

    • First, calculate the overtime pay rate: $20 (regular rate) × 1.5 (overtime rate) = $30 per hour.
    • Then, calculate weekly overtime cost for one employee: $30 (overtime rate) × 5 (overtime hours) = $150.
    • Annual overtime cost for one employee: $150 × 52 (weeks) = $7,800.
    • Total annual overtime cost for all employees: $7,800 × 50 (employees) = $390,000.
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